Wed, Jun. 1, 3:55 AM
- Taiwanese regulators have cleared Foxconn's (OTC:FXCOF) $3.5B purchase of a 63.6% stake in Sharp (OTCPK:SHCAY), paving the way for a transformation at the Japanese display maker.
- Earlier this month, Foxconn founder Terry Gou said there would have to be layoffs to turn around the ailing company, but pledged that wages would rise and profit-sharing would again be the norm.
Wed, May 25, 7:46 AM
- Foxconn (OTC:FXCOF) says it will not sell Sharp's (OTCPK:SHCAY) solar power unit, amid concerns from business partners over a possible closure of the struggling division.
- "We want to let you know that we are totally committed to this business," the company said in a letter.
- Foxconn plans to seal a $3.5B deal by the end of June that would give it a two-thirds stake in Sharp.
Fri, May 13, 3:31 AM
- Looking to steer a big turnaround, Sharp (OTCPK:SHCAY) has named the vice-chairman of Taiwan's Foxconn (OTC:FXCOF) as its new chief executive.
- Tai Jeng-Wu, a close aide of Foxconn's founder Terry Gou, assisted in the company's negotiations and eventual purchase of Sharp for $3.5B in March.
- With his new role, Tai will be the first outsider to run the century-old Japanese group and one of nine new board members.
Wed, Mar. 30, 5:20 AM
- Capping weeks of drama and intense negotiations, Foxconn Technology (OTC:FXCOF) has finally clinched a deal to take over Sharp (OTCPK:SHCAY), but with a lower price tag than their original deal.
- The Taiwanese firm will pay about $3.5B for a two-thirds controlling stake in the embattled Japanese company, nearly $900M less than its initial offer.
- Sources have also told the Yomiuri newspaper that Foxconn is planning to overhaul Sharp's management including replacing its CEO.
- Previously: Foxconn to agree on Sharp takeover, overhaul management (Mar. 30 2016)
Wed, Mar. 30, 3:11 AM
- Foxconn (OTC:FXCOF) is set to agree on deal to acquire Sharp (OTCPK:SHCAY) today, gaining a big discount to its original offer after a month of wrangling about potential liabilities.
- According to Reuters, the Taiwanese firm is likely to cut its initial ¥489B ($4.3B) offer for a two-thirds stake by about ¥100B.
- Sources also told the Yomiuri newspaper that Foxconn is planning to overhaul Sharp's management including replacing its CEO.
- Previously: Foxconn-Sharp deal price likely to fall by more than $2B (Mar. 29 2016)
Tue, Mar. 29, 3:16 AM
- The boards of Sharp (OTCPK:SHCAY) and Foxconn Technology (OTC:FXCOF) will meet separately tomorrow to discuss a revised takeover package that could slash at least ¥245B ($2.2B) off the price tag for the troubled Japanese electronics maker, WSJ reports.
- Over the past month, Foxconn has sent hundreds of people to take stock of everything from Sharp's information-technology infrastructure to its inventories, uncovering issues related to factory overcapacity and China sales that helped convince Sharp's lenders to agree to revised terms.
- Previously: Sharp, Foxconn push to close deal after delays (Mar. 28 2016)
Mon, Mar. 28, 2:05 AM
- Expectations are high that Sharp (OTCPK:SHCAY) may sign a long-delayed takeover deal with Foxconn (OTC:FXCOF) this week.
- According to to the Taiwan stock exchange, Foxconn will hold a board meeting on March 30 as scheduled, where it will likely discuss the transaction depending on the stage of negotiations.
- Sharp aims to reach an agreement as soon as possible, and will promptly make information public if it reaches a decision requiring disclosure.
- Sharp shares +4% in Tokyo.
Sun, Mar. 20, 10:12 AM
- Taiwan's Foxconn (OTC:FXCOF) is seeking to reduce the amount it pays for Sharp (OTCPK:SHCAY) due to concerns about potential liabilities and future earnings.
- According to the Yomiuri newspaper, Foxconn's investment in new equity to be issued by the embattled Japanese firm may shrink by 10%-20% from the originally agreed ¥489B ($4.4B).
- The Taiwanese company is also in talks with Sharp’s main banks to reduce interest rates on ¥510B in credit lines and loans due at the end of March.
Tue, Mar. 15, 8:28 AM
- Foxconn Technology (OTC:FXCOF) is delaying finalization of its deal for Sharp (OTCPK:SHCAY) to get a clear understanding of the Japanese company’s performance in the current quarter.
- The move increases the chances an agreement won't be reached this month, according to Bloomberg.
- Foxconn, which agreed to pay more than ¥600B ($5.3B) for control of Sharp, has asked the company and its auditor for the latest financial results.
Mon, Mar. 14, 7:49 PM
- Japan's Toshiba (OTCPK:TOSYY) is in late-stage talks to sell its white goods business -- for tens of billions of yen -- to Chinese appliance giant Midea Group, Nikkei reports.
- That's in lieu of a possible deal with Sharp (OTCPK:SHCAY) -- now set to be bought by Foxconn.
- Toshiba has been trying to remake itself after an accounting scandal, and has recently agreed to sell its medical equipment subsidiary to Canon and integrate its PC division with Vaio and Fujitsu's segment.
- It's got existing ties to Midea that could make the transfer easier. Toshiba could offload most of its Toshiba Lifestyle Products & Services to Midea by this summer; the deal's currently focused on sales channels in Japan and employment.
Wed, Mar. 9, 2:48 AM
- Sharp's (OTCPK:SHCAY) two main banks are set to lower interest rates on billions of dollars in loans and offer other financial support as part of a planned takeover by Taiwan's Foxconn (OTC:FXCOF), Reuters reports.
- The move is partly a response to a last-minute hitch to the signing of the deal over potential liabilities at the ailing Japanese display maker, although some of the discussions have been going on for quite a while.
Mon, Mar. 7, 2:56 AM
- Talks for Taiwan's Foxconn (OTC:FXCOF) to acquire a majority stake in Sharp (OTCPK:SHCAY) are "on the right track," sources told Reuters, adding that the discussions are set to conclude this week and that most of the due diligence is now done.
- Sharp shares closed up 7.3% in Tokyo on the news.
- Foxconn late last month suspended the signing of a $6B deal to take over the loss-making Japanese electronics firm, citing the emergence of new material information.
Fri, Mar. 4, 3:28 AM
- Foxconn Technology (OTC:FXCOF) doesn't plan to adjust its planned ¥489B ($4.3B) investment in Sharp (OTCPK:SHCAY), but terms for creditors could be revised as takeover negotiations continue, WSJ reports.
- Since Monday, the two companies have deployed hundreds of people across all of Sharp's locations to study the recent disclosure of an additional ¥350B in contingent liabilities surrounding the transaction.
- Foxconn and Sharp aim to seal a near-$6B deal early next week following one more round of negotiations.
Tue, Mar. 1, 5:12 AM
- Sharp (OTCPK:SHCAY) is facing a potential cash crunch at the end of this month as talks drag on with Foxconn Technology (OTC:FXCOF) for a rescue deal that would inject billions of dollars in new capital into the struggling Japanese electronics maker.
- Sharp has ¥510B ($4.5B) in credit lines and loans that are set to expire on March 31 and the banks need the company to strike an agreement for a bailout before those loans are renewed.
Mon, Feb. 29, 2:45 AM
- Sharp (OTCPK:SHCAY) has not set a specific deadline for finalizing a takeover deal with Foxconn Technology (OTC:FXCOF), but aims to do so "as soon as possible."
- The Taiwanese firm put its offer on hold last week to clarify "new material information" - a list of liabilities that could exceed ¥300B ($2.6B).
- However, it's too early to tell whether Foxconn will lower the value of its offer for Sharp or change its bid in some other way.
- Previously: Sharp, Foxconn chiefs meet after takeover delay (Feb. 26 2016)
Fri, Feb. 26, 2:21 AM
- Sharp (OTCPK:SHCAY) CEO Kozo Takahashi and Foxconn (OTC:FXCOF) Chief Executive Terry Gou plan to meet in China today, after the latter put a deal to take over the ailing Japanese electronics maker on hold.
- Reason for the delay? Foxconn attributed the wait to "new material information," with sources explaining that the firm was surprised by a new list containing ¥300B ($2.7B) worth of "contingent liabilities."
- Sharp shares plummeted 11.4% in Tokyo on the news.
- Previously: Foxconn delays signing of Sharp takeover deal (Feb. 25 2016)
Sharp and its subsidiaries are engaged in the manufacture and sale of consumer/information products and electronic components. Co.'s principal business segments are electronics equipment and electronics parts. Co.'s products include LCD color TVs, high vision TVsl color TVs, TV/VCR combos, DVD... More
Industry: Electronic Equipment
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